The Kensington Review

9 November 2007

Latest Commentary: Volume VI, Number 135
Congress Overrides Veto of Water Bill -- The Bush presidency entered new territory this week by losing a fight with Congress over the $23 billion Water Resources Development Act. Last Friday, Mr. Bush vetoed the bill claiming that it was a waste of money. On Wednesday, the House of Representatives voted to override that veto on a vote of 361-54. Yesterday, the Senate did likewise on a vote of 79-14, meaning that Congress had passed legislation over presidential objections for the first time since this administration came into office. Mr. Bush is now an even lamer duck.

Sarkozy Addresses Joint Session of Congress -- One of the ways America honors foreign dignitaries is having them address a joint session of Congress. On Wednesday, French President Nicholas Sarkozy received that honor. The speech went over so well that he is likely outpolling Mike Huckabee and Joe Biden in Iowa and New Hampshire. Of course, every nation on the planet likes to be told how great it is.

GM’s $39 Billion Loss Isn’t Quite That Bad -- General Motors reported a $39 billion loss for its third quarter of 2007 on Wednesday. That makes it the third biggest quarterly loss by a corporation in American history. GM’s stock fell about 6% on the news. However, it really isn’t as bad as it sounds.

Art Auction Signals Tough Times Ahead -- Wednesday, Sotheby’s auctioned off 76 lots of Impressionist and modern art. The pre-sale estimate for the whole thing was $355 million. Included in the sale were works by Picasso and Gauguin. The star of the show, though, was Van Gogh’s “Wheat Fields,” a landscape painted only days before his suicide. However, “Wheat Fields” and 19 other lots didn’t sell, and the $270 million the sold pieces brought it was a disappointment. When the art market starts to dip, it’s a sign of worse things to come.

© Copyright 2007 by The Kensington Review, Jeff Myhre, PhD, Editor. No part of this publication may be reproduced without written consent. Produced using Fedora Linux.


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